JPMorgan is taking a significant step forward in the adoption of blockchain technology by extending the use of its remittance token, JPM Coin, to facilitate euro-denominated payments. This move represents a significant milestone in bridging the gap between blockchain and traditional banking, as JPM Coin was initially designed for U.S. dollar transactions when it launched in 2019.
Basak Toprak, JPMorgan’s head of Coin Systems for Europe, confirmed that euro payments went live on the JPM Coin platform on June 21, with Siemens, a prominent German tech firm, conducting the inaugural euro payment.
The expansion enables JPMorgan’s corporate clients to execute wholesale payments in euros instantly and around the clock, revolutionizing the traditional banking transaction process, which typically operates within limited business hours.
JPM Coin Explained
Since its inception, JPM Coin has processed over $300 billion in transactions, solidifying JPMorgan’s commitment to harnessing the potential of blockchain technology. JPM Coin operates within JPMorgan’s blockchain-based platform known as Onyx Coin Systems, which aims to enhance the efficiency and quality of wholesale payment transactions. As of April 2023, the platform has facilitated nearly $700 billion in short-term loan transactions,
By expanding the use of JPM Coin to facilitate euro payments, JPMorgan is driving innovation and ushering in a new era of digital currencies and blockchain solutions in the traditional banking sector. This successful implementation highlights the versatility and efficiency of blockchain technology and paves the way for future advancements in the global financial landscape.